XRP Falls 8% Below $3 After Hitting Resistance, High-Volume Selloff Signals Weakness

What to Know XRP declined 8% over the past 24 hours, falling from a session high of $3.17 to a low of $2.94, as intense sell pressure overwhelmed initial strength. The sharpest drop occurred during the midnight trading window on August 1, when XRP fell 2.7% in a single hour, accompanied by 259.21 million units in volume—nearly 4x its 24-hour average. Despite the downtrend, accumulation signals surfaced during the recovery phase, as XRP rebounded to $2.98. Volume diminished after the initial volatility, suggesting that institutional buyers stepped in to absorb excess supply near key support zones. News Background Whale activity surrounding XRP continues to deliver mixed signals. On one hand, large holders have liquidated roughly $28 million worth of XRP daily over a trailing 90-day period, according to on-chain data. This trend highlights persistent distribution among institutional and early holders. At the same time, over 310 million XRP tokens—valued at nearly $1 billion—have been accumulated during the recent correction phase, as exchange balances fell sharply, signaling sustained capital inflow. Adding to the cross-currents, Maxwell Stein, Director of Digital Assets at BlackRock, confirmed participation at Ripple’s Swell 2025 conference , hinting at growing institutional alignment despite recent price pressure. Price Action Summary • High: $3.17 (10:00 UTC, July 31) • Low: $2.94 (00:00 UTC, August 1) • 24h Change: -8% • Hourly Low Point: $3.02 → $2.94 (Midnight drop) • Volume Surge: 259.21M units during correction vs. 64.89M average • Closing Price: $2.98 (marginal recovery into session close) XRP’s closing price near $2.98 represents a minor recovery off session lows, but still signals broader structural weakness. Short-term sentiment remains fragile amid liquidation flows and technical breakdowns below the $3.00 threshold. Technical Analysis The $2.94 support zone held firm during multiple intraday tests, reinforced by aggressive dip-buying that allowed prices to reclaim $2.98 by session end. Resistance remains overhead at $3.02–$3.05, with continued rejection likely unless spot inflows pick up. Momentum indicators remain skewed bearish, though recovering volume profiles suggest some exhaustion in the sell-off. What Traders Are Watching • Whether $2.94–$2.95 holds as structural support in the near term • Signs of renewed whale accumulation or a pause in distribution trends • BlackRock’s positioning ahead of Ripple Swell 2025 and its implications for future XRP ETF-related narratives • Reaction at the $3.00–$3.05 resistance band, which previously marked key distribution levels